North Dakota oil production was just over 1.2 million bbl/d in October, holding near its strongest levels since the coronavirus pandemic began to curtail output in the state's Bakken shale field, a state official said on Dec. 14.
The state's crude oil output sat at 1.22 million barrels in October, a 0.02% decline from the prior month, North Dakota Department of Mineral Resources Director Lynn Helms said at a monthly briefing, citing the latest available data.
North Dakota oil production remained below the 1.4 million bbl/d output it maintained in the months before COVID-19 began to slash global fuel demand. The state's oil rig count was down 75% from January to October.
"This was probably the third worst year I have ever seen for the oil industry," said Helms, referencing his roughly 40 years in the industry.
An oil market crash in the late 1990s brought North Dakota down to zero drilling rigs and the oil price collapse in the mid-1980s cut the number of rigs down to the teens from about 150 rigs, he said.
"All in all, though, it was a pretty terrible year for the industry," Helms added.
The current price of crude produced in the Bakken, the second-largest U.S. shale basin, is about $37/bbl, a drop off from the more than $60/bbl before the health crisis curtailed fuel demand, the state said in its monthly report.
In 2021, Helms said he expected weak fuel demand caused by the pandemic, coupled with a push for cleaner energy as opposed to crude oil, to continue pressure oil prices and production.
Recommended Reading
DNO Buys Stakes in Five Norwegian Sea Fields from Vår Energi
2024-09-03 - DNO’s acquisition of stakes from Vår Energi includes interests in four producing fields—Norne, Skuld, Urd and Marulk— and the Verdande development.
Transocean Scores $232MM Contract for Deepwater Atlas
2024-09-11 - Transocean’s newest $232 million ultra-deepwater contract follows the company’s $123 million contract for six wells offshore India by Reliance Industries.
SCF Partners Acquires Newpark Fluid Systems
2024-09-16 - SCF Partners acquired Newpark Fluid Systems, an oil and gas and geothermal fluids solution business, from Newpark Resources, for a base price of $127.5 million.
Mattr Sells Brazilian Pipe Coating Business to Vallourec for $17.5MM
2024-09-16 - Vallourec Tubular Solutions will acquire 100% of the shares of Thermotite, Mattr’s last remaining pipe coating business.
Solaris to Acquire Mobile Energy Rentals, Rename to Solaris Energy Infrastructure
2024-07-10 - Following the closing of its deal to acquire Mobile Energy Rentals, Solaris Oilfield Infrastructure will also be rebranding to Solaris Energy Infrastructure to more closely represent its expanded solutions offerings.